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breaking news. i apologize. it's regarding the "washington post." and mary thompson has that very interesting story. mary? >> really interesting. jeff bezos, the founder of amazon.com, will be buying the newspaper publishing businesses of the "washington post" for $250 million. now, bezos is buying this with an entity that is his alone. this does not have anything to do with amazon.com. so it's basically a personal acquisition. the transition -- the transaction covers the "washington post," the newspaper, and other publishing businesses, including the express newspaper, the gazette newspapers, southern maryland newspapers, fairfax county times, greater washington publishing. what it doesn't include is slate magazine, the root.com and foreign policy. they're not part of the transaction, and will remain with the "washington post" company, as will wapo labs and social code businesses. once again, jeff bezos is paying $250 million for the newspaper publishing businesses of the "washington post." he has asked katherine wamuth, the ceo and publisher of the "washington post," as well as
to their center-right readers. and we'll see if jeff bezos can change that with his new "washington post." another week, another so-called major speech from president obama. he says he's ending fannie mae and freddie mac. but i see at least one if not two new government insurance plans. is anything really changing here besides rhetoric? and as the time warner/cbs blackout continues here's the big question. will this speed up the demise of the cable tv model? more and more americans are looking into cutting that cord. all those stories and much more coming up in "the kudlow report," beginning right now. >>> good evening, everyone. i'm larry kudlow. this is "the kudlow report." first up tonight, a major shake-up at two of the country's most influential newspapers. after four generations of family ownership the "washington post" is selling to amazon ceo jeff bezos. this coming on the heels of the "new york times" fire sale of the "boston globe," unloading the paper to red sox owner john henry for seven cents on the dollar. so what do the "washington post," "the new york times," "the boston globe," an
targets, long-term political hot potatoes. diana olick joins us from washington with more on what all this might mean. >> reporter: suzy, it should come as no surprise mortgage is front and center, as interest rates are rising, credit is the last barrier to full housing recovery. >> our housing market is beginning to heal. >> reporter: president obama returned to arizona, one of the hardest hit states in the housing crash four years after using this dessert backdrop. >> we got to turn the badpage o the bubble and bust. we need a housing system durable and fair and rewards responsibility for generations to come. >> reporter: it's reforming the nation's 10 trillion dollar mortgage market making it easier for home buyers and putting capital at the center of housing finance ask pulling government out. that means a gradual wind down of giants fannie mae and freddy mac, which together with the fha back over 90% of new loans. >> i believe our housing system should operate where there's a limited government role and pry vent lending should be the backbone of the housing market. >> reporter: t
, jeff bezos is buying "the washington post" for $250 million. bezos, one of the captains of the online world and future of commerce, putting a quarter of a billion dollars of his own money, not amazon money, into a newspaper that is well over 100 years old and part after model that everyone thinks is dieing. we don't have a whole lot of details a letter gone out from the publisher i believe of "the washington post." two employees telling them about the deal. let's remember that newspapers, which used to have really rich margins and still are profitable but have been really hurt by the internet, are becoming an investment for the very rich. ron burkle, the billionaire, pathmark billionaire and david geffen were in buying "the l.a. times." carlos slim, from mexico, one of the world's richest men, rescued "the new york times." jeff bezos of amazon, getting ready to pay for the newspaper itself. many people thought "the washington post" company, most valuable asset inside the company is not the legendary newspaper that led to the watergate investigation that led to resignation of nixon in
. >>> meanwhile, a stunner the world of media, washington post selling the newspaper publishing businesses including amazon to jeff bezos, and julia boorstin has more on that blockbuster deal. >> this news took everyone including editors and writer at the post by surprise. the washington post's company whose name will change saw the stock rise with caplan tech being sold and now what the billionaire icon plans to do with the newspaper. jeff bezos stressed what a newspaper plays in a free society, and he says that the newspaper's duty remain s s to readers and not the owner. the charting of the map ahead is not going to be easy, and there is a need to invent, which means we will need to experiment. and after knowing each other for a decade, this came together in the conference last month. >> we met at a conference fa face-to-face twice. the second week in july. we spent an hour together, and he asked for time to study the numbers, and then we spent another two hour s together, an at the end he said he wanted to go ahead. >>> that is hardly the first billionaire to buy into publish i ing. th
washington post," the paper battles falling circulation. what does this mean for the business of media? more analysis with bertha coombs from the states. and also, we take the pulse of the solar industry with edward guinness, ceo of guinness alternative energy fund. got any thoughts or comments, please e-mail us, worldwide@cnbc.com. we kick off in the corporate sector. a bit of a sell-off for want of a spin-off. sony shares dropping more than 5% after the japanese firm rejected investor dan loeb's plan to spin off part of its entertainment arm. some losses after the hedge fund said it would keep talking with sony to find more shareholder value. in a letter to third point, the ceo defended keeping full control of the entertainment unit, saying it helped to drive synergies. sony agreed to sharpen its earnings picture when it comes to disclosing movie and music revenues. you said they wouldn't really bend to dan loeb's influence. where does this leave him now? >> well, i think the fact of the matter is that if there is more recognition about the fact that the japanese companies move a lot more
in washington, today marks the 50th anniversary of the march on washington, a major celebration is planned bringing together former presidents, politicians and dozens of stars but the event is more than just a tribute to the progress made by the civil rights movement, it's a reminder of the work that remains. cnn's don lemon has much more on this. >> reporter: 50 years ago today about a quarter million people marched on the national wall on wash twush demand change. dr. martin luther king jr. sharing his dream for america from the steps of the lincoln memorial. his indelible words a watershed moment in the civil rights movement. today thousand also gather to commemorate the famous words that forever changed our country. >> 50 years ago there was so much fear, people were afraid to be afraid. the fear is gone. our country is better and we are a better people. we still have a distance to go. >> reporter: that distance front and center today as the nation's first black president will add his vision as the marquee speaker at the anniversary celebration. president obama acknowledges that, while
not necessarily bring it about. >> with more on the syrian crisis, how it's playing out in washington, and what might happen next, we turn to john harwood. a lot of words out today. what more can we gleam about the timing of a possible strike against syria? basically, what happens now? >> they haven't signalled the timing, susiusie, but it looks e a strong likelihood we'll strike, sooner rather than later. the president leaves for st. petersburg on tuesday, the meeting at the g 20 and congress comes back on the 9th of september. i would be surprised if the strike has not happened before both of those things take place. >> and what do you expect the president to hear from the g 20 people if it hasn't happened by that time. you have a lot of the community they talked about today that has been very silent throughout this, john? >> they have been silent. the british house of commons voted down an authorization of force yesterday. the president got a call from prime minister of france and has the idea that the french are supporting the possibility of a u.s. action. i just got off the phone with a co
. president obama is trying get support for his economic plan, can washington come to agreement over a big new deal and looking for the genius in the next generation. the interview with the parents of the amazon.com's founder. "on the money" begins right now. "on the money." >> here is a look at what is making news as we head into the new week, "on the money." the economy created 160,000 new jobs for the month. that was below expectation, but the unemployment rate fell to 7.4%. as fewer people looked for jobs. it was a record setting week for the markets, meanwhile the dow and s&p 500 kicking off the month of august with a bang, hitting new highs on thursday. after kmepts made by the fed earlier in the week. the s&p 500 closed above 1700. and the markets continued to rise on friday. those comments were after a 2-day meeting wrapped up, and the feds announced that they would continue to buy bonds and mortgage-backed securities to keep interest rates low. but the fed used the phrase, modest growth instead of moderate growth. it was a slight and subtle down grade. the first reading of the gdp was
in michael, senior political analyst at the washington examiner, a fox news critter, michael, standing up to russia, finally; right? >> well, finally president obama came to office, pledgedded for a reset of relationships with russia. he evidently had the view then that president bush is a texas primitive mindless conservative and adopted cold war abuse and repelled the modern up to date russian. looks like he had something of an education. president bush had a positive impression of putin when he met him as he related to the book "decision points," and clearly changed his minds. it's taken president obama a little longer to do so. dagen: is it a waste of time to go to the g20 summit all together, michael? >> well, is it a waste of time to go to the g20 summit? i've never been to a g20 summit, so i have not -- dagen: for the president. >> it's probably a waste of time. we have, you know, it's an odd collection of countries in here. we got argentina in there as one of the supposedly most developed countries in the world, which is pathetic joke, sorry to say, sorry for the people of argenti
by the national media. your thoughts? >> there is definitely a problem in washington, specifically in the administration. reading and understanding what is al qaeda, if it is weaker are not, it is not the central part of al qaeda has shifted from power to the affiliates. the center is still around. it always has a new chairman. the affiliate's growing. and the offshoots a growing. there are ten more battlefields that al qaeda is now conducting operations and then when it began in 2001 or when it attacked us. the most recent one is northern china -- northern sinai which could disrupt the suez canal transportation system or the arab-israeli. so by far al qaeda is much stronger, lighter, complicated and complex than it was before. lou: is there a lack of -- well, i would just say news, the press, involvement in the story of al qaeda? this administration has approached the line very, very carefully and closely saying -- regarding the war on terrorism to be a demand. what is going on? >> the only people that believe the president of the washington press corps. al qaeda is bigger than ev
washington, d.c. when the computer read area code 202. >> it was an innocent mistake. but it demonstrates the ease with which the nsa by the push of a button, whether deliberate or accidental, can get large volumes of u.s. communications. >> reporter: "the washington post" reporter that broke the story says the internal nsa audit leaked to him by edward snowden contains more information than is provided to congressional oversite committees. dianne feinstein said in a written statement the committee quote, can and should do more to independently verify that nsa's operations are appropriate. but the aclu's michelle richardson asks how. >> members of congress have been clear, they have not received a full explanation how the programs worked or any clients' problems with privacy regulations. >> reporter: an nsa tutorial instructs analysts not to give extraneous information to congressional overseers. the president says there's no indication the agency is abusing its powers. >> what you're not reading about is the government actually abusing these programs. what you're hearing about is the pro
says we are monitoring the comments, obviously, coming from the white house. let's go to the washington correspondent, rich edson, live at the white house. the president, i guess, as we listened to all the comments throughout the afternoon from the president and secretary tear of state, john kerry, there's more questions than answers here as to the timetable, rich. >> absolutely. the timetable, the specifics, and the goal they are looking to achieve, but what you heard from the administration today was a very strong case that in some way, the united states or the international community along with the united states must act. president obama saying he has not decided on a particular course of action yet. he says his military advisers have given him a range of options. he still is mulling them over, looking at them now, and john kerry laid out intelligence earlier today saying with a high level of confidence he believes the assad regime used chemical weapons and do so against his own people saying our national values compel us to act in this particular case, and the intelligence basically
on mr. summer's preemptively, which is a standard washington exercise that i don't like. >> reporter: so tyler, obviously, this is very personal for the president. he has a relationship with larry summers. he didn't like to see the piling on. that might explain leaks we saw over the past couple week complaining that larry summers might be the front runner for the job, the president insisting, though, today he hasn't picked a candidate yet. >> he talked a little bit today about the implantation of obamacare, healthcare reform and the possibility that a government shut down might be used as a weapon in that funding battle. give us some thoughts on that, am amin. >> reporter: he said if you implement something as big as obamacare, as he calls it now and expects there will be glitches here. nonetheless, he said he doesn't like the politics on the republican side threatening a government shut down. he tried to position it as republicans trying to shut down the government to block 30 million americans from getting access to healthcare that, he said, is simply a bad idea. >> thank you very much
the buyers will come. i'm diana olick in washington. >> what these these bulletins from housing, the consumer and job market mean for stocks? we turn to jim paulson, the chief investment officer at wells capital investment. good to have you. >> good to see you, suzy. >> a lot of negativity today in the markets. what is your take? >> i think a lot of it, suzy, we're digesting a number of big things after a huge market move. that's one of the things we're digesting. we made such a big move off last fall fall lows. in audition, we've had just a dramatic change in long-term interest rates. you're talking about mortgage rates going up, the ten-year treasury hitting 280 today. it was 160 not that long ago. of course, we'll face feds tapering or slowing down quantitative easing soon. these are big events and i think it led to a little market indigestion if you will. the market is in a trading range for the rest of the year, but i think we'll get through it and as we come out the other end, maybe at the end of this year, i think we'll be stronger for it. we'll find out that both the economy and the s
the earnings season yet. here is the big news. amazon founder jeff bezos is buying "the washington post" newspaper for $250 million. this deal ends the graham family's 80 years of ownership. he calls this acquisition a personal endeavor. not amazon money he's using, this is his very own. and chairman and ceo don graham talking about this deal. >> jeff reached out to me less than a month ago. we met at a conference face to face, twice, the second week in july. we spent an hour together. he asked for time to study the numbers, we then spent another two hours together. and at the end of it, he said he thought he wanted to go ahead, but he obviously, he and his team needed time to look over the business and understand it more thoroughly. and then we -- he did and we quickly reached a deal. >> shares of washington post climbing to the highest level in almost five years. $588 and change. almost up $20 on this news. and this is something that we're really focused on just because of the journalism and everything. >> we have to. >> but the graham family. >> the graham family, giving it up after
it will have on the markets. i am phillip yin in washington. >> i am michelle makori. at the nasdaq market in times square in new york. the world's leading exporter of dairy products says it's baby formula is safe after a multimillion dollar recall. >> welcome to the biz asia america. much more on what is happening in syria, but also latin america as well. we will travel to brazil to see what that country's central bank is doing to keep interest rates on hold. a special report on south africa's fight for economic equality. first, the latest from syria. >> u.s.says the u.s. is certai's government carried out chemical weapon attacks near damascus last week. obama said the u.s. had not yet decided whether to go ahead with military intervention. the permanent members of the un security council have held talks on a british resolution that could allow military action in syria, but that meeting has ended in deadlock. full report later on in the program. thousands gathered in washington to pay tribute to a historical day for civil rights in the u.s. 50 years ago, in 1960 three, the march on washin
that they have in terms of closing these embassies and consulates. >> given the climate in washington right now, that is most unusual. is there any feeling this is the government issuing a warning at a time when the nsa is under scrutiny for its broad-reaching surveillance programs? >> reporter: well, clearly the information came as a result of those nsa surveillance programs. the doubters may think so but even congressman pete king, republican from new york, former head of homeland security and the administration's most vocal critic says no. >> we can't criticize them for doing too little with benghazi and not criticize them for doing too much. i give them credit for learning from benghazi and that's why they're firming up the embassies. as far as the worldwide alert i think it is absolutely warranted in this situation. >> reporter: the al qaeda leader, al-zawahiri who took over for bin laden after he was culled issued calls from separate audiotapes from wherever he is hiding in pakistan. the second 14-minute tape was posted on internet on friday. germany, france, england have intercepted simi
political reporter kasie hunt and in washington columnist and associated editor for "the washington post" david ignatius. >> as a red sox fan, this bereeves me greatly. richbds haas, you're a yankee fan, let's gloat. they're going to get him out this year, next year. bob costas, coming talking about it. you get bob costas talking about anything, costas doesn't like to wake up early, can i tell you how big this is? bob costas is on the west coast. >> no. >> and getting up early to talk about "morning joe." >> this is when it's hitting the fan. >> exactly. i have no idea what you're talking about. >> or -- >> a-rod is in big trouble. life-long yankee fan you have to be glad this guy is going to get yanked, right? >> so to speak. your second punt of the morning, it's good he's getting yanked. may go on a little longer. he's appealing the suspension that will be announced today. there's a procedure. he will be gone before the end of the season and then gone all of next season. effectively his baseball career, i would say, is all but over except for possibly a year and a half from now, two ye
will come off a little bit and maybe that helps some, but we've got a huge washington cloud. >> hold that thought. i'm going to get to that thought. i want to go to carl on this. i don't know whether you share our view or not, but it isn't so much that 162 is 25,000 less. it's things like, you know, half the jobs that were created came from retailers and restaurants and it's the very low-end wages and the fact that the part-timers are beating the full-timers. that's what troubles me. >> larry, in every economic cycle, the low-skilled jobs are the first ones that are shed in economic downturns and they tend to be the first to come back when the economy rebounds and we can also look at unemployment levels based on the level of college education. so the phds, tend to have higher quality jobs than someone who hasn't completed a high school degree and that's why there's such a higher level of unemployment in the demographic. it's been four years plus from the bottom of the jobs recession and it's been four years plus. we ought to be knocking out, frankly, 300,000, 400,000 a month in all o
. brian todd, cnn, washington st. >>anny: a kron4 morning news continues after this break. you've got your weather and traffic and headlines. >>: welcome back. time now is 415 on here tuesday. a little milder for some locations. here's a look at the forecast and traffic with erica. >>erica: absolutely. temperatures man and a 50s but not dealing with extensive cloud cover. in fact, the clouds only extend about 20 mi. from the coast line. you will notice, really know '60s on the board. antioch at 59 degrees. 57 in oakland and downtown san francisco boasted these salt a chilly start to your morning and napa. falling into the afternoon, taking a look at highs. started out at the east bay, 90s on the board for the brentwood. the upper eighties through the san ramon valley tariffs as we had to the shoreline, the east bay is still pretty nice with all '70s for san leandro and oakland. upper 60s for those of you in berkeley. took a look at fremont a high of 74 degrees. it is going to feel very nice out there very pleasant pretty comfortable day in the south bay. downtown's san francisco, a little
games. washington, d.c. will be the first city to host the summer games. it has a long way to go. those are your news headlines on the fox business network. connell: thank you very much. this continues to escalate. the potential of the united states involvement down the line. katie stockton joins us. always has a very good technical look at the markets. is this something that you look at just temporarily? >> i think the negative reaction is reasonable. i think that it does appear to be temporary. last week we saw this oversold extreme reading that we have not seen in over a year. it is pretty rare to see that. we do tend to see the market entering a bottom process. i believe it was around 1639. that would be an ideal set up. connell: we have the nasdaq on the screen. as we see it there, you are talking about the support not very low below that. what about a target? >> on the upside, the initial and final resistance is right around 1710. of course, that is based on the recent high. beyond that, i have a target of about 1780 based on a previous breakout. on the downside, if we were to bre
of syrian air strike fears, and anger about upcoming political wrangling in washington have cast on the stock market and they've combined to keep, let's say the average is not doing much this month except for going down. keep in mind that this toxic brew along with higher gas prices and stretched stock valuations have made the market more perilous than it's been in some time. we've got to ask ourselves, which are the least perilous stocks we buy once you believe the market has baked in the latest bad news? i don't think it has yet. but maybe you think the worst is over. i'm going to try to help you, okay. let me give you the list i've been working off of. in part because i run a charitable trust. you can follow it along, and part because i came out here many times in the last six weeks and told you to wait for a pullback in certain stocks. the pullback's here. i can't now say wait for another pullback. i've got to at least be true to what i told you earlier. first, because it is freshest, is retail. two retailers stood out among a totally, you know, look, just a terrible group. t
system here in washington. it's called the metro. i use it all the time. that's how i get down to the white house and back every day. and almost anywhere i go, we use our car in washington probably one day a week. for one thing. otherwise, it is all metro or walk. walk in the neighborhood or metro. but something happened yesterday at metro that never happened before at the la font plaza station which is one, two, three stations, three stops from our subway stop here at eastern market on capitol hill. a lady was very, very pregnant, stepped off the train and wow, the baby said mommy, it's my time. she delivered and she said you know, when it comes -- there was an emt happened to be there off-duty right on the same train with her. got off, delivered the baby. here's the mama and a bystander. >> the baby's ready to come out, you just got to be ready. >> i've never seen anything like it. baby being born, not even my own children. i was really nervous, kind of scare and concerned about the baby's health and just a blessing the emt was here. >> popped right out like she was a quarter
of spokane, washington. he was beaten and left for dead wednesday night. as with the case of an oklahoma college student last week, the victim was apparently picked at random. an innocent man in the wrong place at the wrong time. police have arrested one of two african-american teenagers suspected of murder. correspondent dan springer has our top story from seattle tonight. >> reporter: 88-year-old delbert belton was a proud member of the greatest generation. as a teenager in the army, he fought on the beaches of okin a okinawa. he survived but only after taking a bullet in the leg. on wednesday night spokane, washington, police say belton, whom everyone called "shorty" was waiting in this parking lot for a friend to go bowling. that's when two teenagers allegedly robbed him and beat him in the head. >> it appears random. he was assaulted in the parking lot and there was no indication t of -- that he would have known these people prior to the assault. >> belton died the next morning. the senseless death triggered a manhunt. police released surveillance photos of their suspect. they soon
the times, "the new york times", had problems with its website this month. "the washington post" experienced this quite of a problem with their web site as well. one more time, "the new york times" now saying that their assessment of the problems at their website, are, quote, the result of a malicious external attack. in english, they're getting hacked. back to you. cheryl: adam shapiro that was the perfect english for this type of attack. adam shapiro with breaking news on "the new york times" website. we'll follow that with you. >>> back to the discussion, we're looking at wells fargo, we're talking about mortgage rates, interest rates, wells fargo, layoffs in the mortgage division. i was surprised by that. that is one of the most profitable divisions for them. what do you make of that? >> rising 10-year. we saw the long end of the curve rise. that means mortgage rates rise. the 30-year mortgage tends to be priced off the 10-year. when that is the case. sure you get a boom of mortgages. people say this is my last chance and people run to the market but history tells us ultimately it slows.
of times each year, this according to an internal audit of documents obtained by "the washington post" from none other than nsa leaker edward snowden. white house correspondent dan lothian is live from martha's vineyard this morning. dan, sounds like there are more big questions for the administration today. >> reporter: that's right, certainly more big questions, kate. you know "the washington post" revealing in this report that the lechl of detail and analysis they uncovered is usually more than typically shared with member of congress or the fisa court that oversees the nation's surveillance programs. >> a general impression has i think taken hold not only among the american public but also around the world that somehow we're out there willy-nilly. >> reporter: that was president obama just days ago assuring the american public that the national security agency was not breaching the trust of its citizens. but a new report out today by "the washington post" may raise new concerns. after combing through the trove of documents leaked by former nsa analyst edward snowden "the post" reports t
your credit card. that's hurting the economy. and more violence in egypt to washington. they're divided over whether the u.s. keeps sending financial aid to that country and president obama giving no clear guidance either way and here is your monday morning obamacare headline. you know the navigators, costs 67 million to hire. they won't have to go through background checks. "varney & company" is about to begin. ♪ make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you start using active trader pro today. join us at projectluna.com >> the chaos in egypt escalating over the weekend and now nearly 900 dead people after four days of violence and among them 24 police officers executed by militants in execution style and more calls from lawmakers to cut off that 1.4 billion that the united states gives. and president obama not taking a stand either way and senator john mccain says the u.s. looks bad as a result. >> we have no credibility. we have influence, but when you don't use that
it championship. dagen: washington bowles. still proves that he can open a movie. >> he sure did. 28 million at the box office and took number one. we had a screen showing the top five films. not a big blockbuster, but then the fell only cost 60 million the make, which is not bad. wolverine second week, 50 percent drop. smurf to, looking bad, but 75 percent of that first was overseas. dagen: and then the canyons. >> which you saw. dagen: on directv on demand because they did the simultaneous and peter release. >> usually when they do that it means the film will do that well. it means that there will be a curiosity. some people want to see lindsay lohan naked. i'm kind of trouble by it because having watched that parent trap with her as a lower growth my daughter, i'd want. dagen: i don't mean because she's naked and you're looking at her chest, but she looks like she's about 45 because she is age so badly. her co-star, the porn star, proving he can act below the waist but not from the waist up. it is one of the worst movies ever seen. was it in the privacy of my own home. you can stop it. >>
. newspapers are the new trophy wives for the soup ire rich. that's what we say. jeff buys the washington post, but will this be a lasting marriage? actor george clooney calling out hedge fund manager dan lobe saying he's a greedy carpet bagger who doesn't know what actors do. a scandalous affair, one guest says that's what lawmakers did by opting out of obamacare before they went on vacation. all of that and so much more coming up this hour on "markets now." ♪ dagen: newspapers are the new trophy wives of the super rich and probably cost less money than women. first, the markets, dog days of summer giving investors little to trade on, but we have a market deep in the red right now, and look who is at the new york stock exchange. that's adam. >> hey, dagen. dagen: hey, adam. >> down 137 points on the dough, blame ibm. winners, though, three in the green, and disney, getting earnings later today besides the stink-a-radiobomb, "lone rangers" but the s&p a different story, fossil with a great day at the s&p, even though we broke below 1700, shares up 17%, washington post set a new high, up 4.6%
speech in washington. churches and other bells will ring to mark the hour. president obama will speak today in d.c. the fire near yosemite is one of the largest in california's history. the boost containment to 23%. the fire has consumed 293 square miles. the tomatoes were flying in spain. 130 tons of ripe tomatoes. the town needs the money to pay down debt. by the way, portable showers are available. lori: thank you so much. the unemployment rate may be down. according to my next guest, it will take years for this to return to full employment. you did some of your own calculations on the unemployment situation. we need 2 million more jobs to get us back to where we were. how did you come to this number? >> that is the difference between how many people were employed and how many were employed in july. the actual jobs deficit is bigger than that, however. lori: what is the deficit? >> between seven and seven and a half million. lori: since we follow the payroll report on a monthly basis, how many new payrolls need to be created in the economy. >> if we have job growth of about 80,000
ago today, august 5th, 2011, stand & poors downgraded the credit rating. more from eamon in washington. eamon? >> reporter: hi, kelly. the markets are up a ton since then. but congress this week anyway is out on vacation. it's august here in washington, and that means the members of congress ski dadled at the end of the session last week. they're going home to their districts. they're going out to campaign. they're going out to raise money, on vacation. what they're not doing in washington is dealing with the next fiscal crisis that could be looming right around the corner. remember, at the end of the fiscal year comes in september, they're coming back in session september 9th. but at the end of the month, they're going to have to come up with something to do with the federal budget, possibly a continuing resolution that could be contentious. and after that, later in the fall, the debt ceiling fight. we'll have that all over again. even though the deficit itself has been going down, because remember, earlier this year, we did raise taxes and lower spending through sequester. it was --
an amber alert has now been issued in oregon and washington after two children were kidnaped in southern california. where the suspect vehicle was last spotted and where authorities think he is headed. a cooling off period is on the line, and talks of another possible bart strike could begin again. both sides spoke on the issue yesterday. the next steps for the board of inquiry. thousands of firefighters are battling a wildfire burning in california. the latest on the injuries and damaged it has caused. good morning everyone, thank you for joining us this thursday august 8th. i'm james fletcher. the c-h-p is trying to figure out what caused an accident that killed on person and injured another near woodside. the accident happened last night around 7 on skyline boulevard about three miles south of la honda road. butone person was not breathing when paramedics arrived and was pronounced. a second person was airlifted to stanford hospital with major injuries. police in foster city are investigating a crash that the crash happened just before 4 o clock yesterday afternoon on metr
the highs, however. diana joins us from washington to sort it all out. hi, diana. >> hey, tyler. you're right, it does seem like a disconnect. first to the sentiment numbers, homebuilder sentiment index, up three points for august. that's the fourth straight month of gains despite rising interest rates. of the three index components, current sales up 3 points. future sales expectations up one point. only buyer traffic seems to be lagging here unchanged and still in the negative territory. this, as we heard, the homebuilder stocks up today but well off their highs. you can see the housing index is now in bare market territory over 20% from its high on may 20. d.r. horton is now at a one-year low. why the disconnect? they are rated much more to the private buildings. they're seeing big demand because of lack of existing supply and demand on the market. they say interest rates are not hitting them that high. of course, it's a huge run-up in the stocks before a recovery really took hold. some said they were, in fact, overheated before then, and now that you have rising interest rates in
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